UPI Breaks Records: December 2023 Witnesses 12.02 Billion Transactions Valued at Rs 18.23 Trillion, Setting New Peaks!

In a dazzling display, the Unified Payments Interface (UPI) stole the spotlight in December, delivering an extraordinary performance with a record-breaking 12.02 billion transactions, propelling the total value to an astonishing Rs 18.23 trillion. This surge comes on the heels of a brief dip in November when UPI recorded 11.24 billion transactions totaling Rs 17.4 trillion.

Reflecting on recent performance, October witnessed 11.41 billion transactions worth Rs 17.17 trillion, and September saw 10.56 billion transactions valued at Rs 15.8 trillion. UPI’s stellar performance in 2023 culminated in a cumulative volume of 117.6 billion transactions and a value of Rs 183 trillion, showcasing an impressive 59% and 45% increase compared to 2022.

The fiscal year 2022-23 proved transformative for UPI, processing a total of 83.76 billion transactions, aggregating Rs 139 trillion. This remarkable leap from 45.97 billion transactions worth Rs 84 trillion in FY22 highlights UPI’s expanding influence.

Also read UPI Achieves Over 11 Billion Transactions in November, NPCI Aims for 100 Billion

UPI transactions are poised to surpass 100 crore transactions per day by FY27, solidifying its role as the primary player in retail digital payments. A recent report by PWC India underscores this, projecting UPI to command 90% of total transaction volumes over the next five years.

UPI’s pivotal role in shaping the future of digital payments from the proliferation of QR codes, increasing from 152 million in January ’22 to an impressive 237 million in December ’22, to innovative developments like UPI 123Pay and UPI-PayNow linkage, UPI continues to redefine the payment infrastructure, transforming the digital payment space.

Additionally, the National Payments Corporation of India (NPCI) data reveals a 6% uptick in Immediate Payment Service (IMPS) transactions, reaching 499 million in December, compared to 472 million in November. In terms of value, there was a 7% increase to Rs 5.7 trillion, surpassing Rs 5.35 trillion in November.

The Reserve Bank of India (RBI) annual report underscores the remarkable growth in the payments space, with payment and settlement systems recording a robust growth of 57.8% in transaction volume during 2022-23. The RBI’s commitment to further enhance domestic payment systems through bilateral interlinkages with other countries is emphasized in its recent financial stability report.

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